The following journal entries require rectification.
No. | Account Titles and Explanation | Debit | Credit |
3 | Land | 29500 | |
Treasury stock (700 x $39) | 27300 | ||
Paid-in capital from treasury stock | 2200 | ||
4 | Cash (450 x $105) | 47250 | |
Preferred stock (450 x $100) | 45000 | ||
Paid-in capital in excess of par - preferred stock | 2250 | ||
5 | Retained earnings [10% x (20000 - 1900 + 700) x $46] | 86480 | |
Common stock dividends distributable [10% x 18800 x $5] | 9400 | ||
Paid-in capital in excess of par - common stock | 77080 | ||
6 | Common stock dividends distributable | 9400 | |
Common stock | 9400 | ||
7 | Retained earnings | 67860 | |
Dividends payable - preferred [$10 x (2200 + 450)] | 26500 | ||
Dividends payable - common [$2 x (20000 - 1900 + 700 + 1880)] | 41360 |
FLINT COMPANY | |
Stockholders' Equity | |
December 31, 2020 | |
Capital stock | |
Preferred stock | 265000 |
Common stock | 109400 |
Total capital stock | 374400 |
Additional paid-in capital | 216530 |
Total paid-in capital | 590930 |
Retained earnings | 633660 |
Total paid-in capital and retained earnings | 1224590 |
Less: | |
Treasury stock | 46800 |
Total stockholders' equity | 1177790 |
Paragraph Exercise 15-18 Styles Flint Company reported the following amounts in the stockholders' equity section of...
Exercise 15-18 Flint Company reported the following amounts in the stockholders' equity section of its December 31, 2019, balance sheet. Preferred stock, 11%, $100 par (10,000 shares authorized, 2,100 shares issued) $210,000 Common stock, $5 par (104,500 shares authorized, 20,900 shares issued) 104,500 Additional paid-in capital 135,000 Retained earnings 492,000 Total $941,500 During 2020, Flint took part in the following transactions concerning stockholders' equity 1. Paid the annual 2019 $11 per share dividend on preferred stock and a $2 per...
Exercise 15-18 Teal Company reported the following amounts in the stockholders' equity section of its December 31, 2019, balance sheet. Preferred stock. 9%, $100 par (10,000 shares authorized. 1.900 shares issued) $190,000 Common stock, 55 par (98,000 shares authorized, 19.600 shares issued) 98,000 Additional paid-in capital 117,000 Retained earnings 470,000 Total $875,000 During 2020, Teal took part in the following transactions concerning stockholders' equity. 1. Paid the annual 2019 59 per share dividend on preferred stock and a $2 per...
Exercise 15-18 Nash Company reported the following amounts in the stockholders' equity section of its December 31, 2016, balance sheet. Preferred stock, 10%, $100 par (10,000 shares authorized, 1,900 shares issued) $190,000 Common stock, $5 par (101,000 shares authorized, 20,200 shares issued) 101,000 Additional paid-in capital 125,000 Retained earnings 431,000 Total $847,000 During 2017, Nash took part in the following transactions concerning stockholders' equity. 1. Paid the annual 2016 $10 per share dividend on preferred stock and a $2 per...
Vaughn Company reported the following amounts in the stockholders' equity section of its December 31, 2019, balance sheet. Preferred stock, 11%, $100 par (10,000 shares authorized, 2,000 shares issued) $200,000 Common stock, $5 par (92,500 shares authorized, 18,500 shares issued) 92,500 Additional paid-in capital 120,000 Retained earnings 413,000 Total $825,500 During 2020, Vaughn took part in the following transactions concerning stockholders' equity. 1. Paid the annual 2019 $11 per share dividend on preferred stock and a $2 per share dividend...
Vaughn Company reported the following amounts in the stockholders' equity section of its December 31, 2019, balance sheet. Preferred stock, 11%, $100 par (10,000 shares authorized, 2,000 shares issued) $200,000 Common stock, $5 par (92,500 shares authorized, 18,500 shares issued) 92,500 Additional paid-in capital 120,000 Retained earnings 413,000 Total $825,500 During 2020, Vaughn took part in the following transactions concerning stockholders' equity. 1. Paid the annual 2019 $11 per share dividend on preferred stock and a $2 per share dividend...
Oriole Company reported the following amounts in the stockholders' equity section of its December 31, 2019, balance sheet. Preferred stock, 9%, $100 par (10,000 shares authorized, 2,000 shares issued) $200,000 Common stock, $5 par (102,000 shares authorized, 20,400 shares issued) 102,000 Additional paid-in capital 120,000 Retained earnings 495,000 Total $917,000 During 2020, Oriole took part in the following transactions concerning stockholders' equity. 1. Paid the annual 2019 $9 per share dividend on preferred stock and a $2 per share dividend...
Ayayai Company reported the following amounts in the stockholders’ equity section of its December 31, 2016, balance sheet. Preferred stock, 10%, $100 par (10,000 shares authorized, 1,800 shares issued) $180,000 Common stock, $5 par (93,000 shares authorized, 18,600 shares issued) 93,000 Additional paid-in capital 130,000 Retained earnings 467,000 Total $870,000 During 2017, Ayayai took part in the following transactions concerning stockholders’ equity. 1. Paid the annual 2016 $10 per share dividend on preferred stock and a $2 per share dividend...
Bonita Company reported the following amounts in the stockholders' equity section of its December 31, 2019, balance sheet. Preferred stock, 10%, $100 par (10,000 shares authorized, 2,000 shares issued) $200,000 Common stock, $5 par (98,500 shares authorized, 19,700 shares issued) 98,500 Additional paid-in capital 135,000 Retained earnings 479,000 Total $912,500 During 2020, Bonita took part in the following transactions concerning stockholders' equity. 1. Paid the annual 2019 $10 per share dividend on preferred stock and a $2 per share dividend...
Skysong Company reported the following amounts in the stockholders' equity section of its December 31, 2019, balance sheet. Preferred stock, 9%, $100 par (10,000 shares authorized, 1,800 shares issued) $180,000 Common stock, $5 par (101,500 shares authorized, 20,300 shares issued) 101,500 Additional paid-in capital 130,000 Retained earnings 486,000 $897,500 Total During 2020, Skysong took part in the following transactions concerning stockholders' equity. Paid the annual 2019 $9 per share dividend on preferred stock and a $2 per share dividend on...
please help me finish this Sarasota Company reported the following amounts in the stockholders' equity section of its December 31, 2019, balance shee Preferred stock, 10 % , $100 par (10,000 shares authorized, 2,000 shares issued) $200,000 Common stack, $5 par (108,000 shares authorized, 21,600 shares issued) Additional paid-in capital 108,000 119,000 Retained earnings 419,000 Total $846,000 During 2020, Sarasota took part in the following transactions concerning stockholders' equity. 1. Paid the annual 2019 $10 per share dividend on preferred...